FxWirePro: South Korean won falls gradually against euro, upside limited

• EUR/KRW is currently trading around 1,205 mark.
   
• Pair made intraday high at 1,206 and low at 1,200 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1,203 mark.
   
• A daily close below 1,203 will drag the parity down towards key supports around 1.198, 1,189, 1,178, 1,163 and 1,154 marks respectively.
   
• Alternatively, a sustained close above 1,203 will take the parity higher towards key resistances around 1,212, 1,228, 1,233, 1,242 and 1,252marks respectively.
   
• Seoul shares open down 0.13 pct at 2148.83.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position in EUR/KRW around 1,204, stop loss at 1,199 and target of 1,212/1,218/1,228.